Ripple co-founder Chris Larsen has offloaded another significant batch of XRP, intensifying pressure on the token during a sharp market correction. Blockchain analyst ZachXBT reported that wallets linked to Larsen moved 50 million XRP worth roughly $175 million since July 17. These tokens were distributed across four separate addresses. Notably, approximately $140 million of this amount was sent to centralized exchanges or associated platforms, sparking speculation that these transactions contributed to retail dumping.
XRP Falls from $3.55 to $2.95 in 24 Hours
XRP’s price suffered a steep decline following Larsen’s transactions. The token plummeted by 17% in just 24 hours, falling from $3.55 to as low as $2.95. This made XRP one of the worst-performing large-cap cryptocurrencies during the recent market downturn. Just a week ago, XRP was trading at $2.25, and the rapid price rally may have influenced Larsen’s decision to sell off more of his holdings.
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Despite the heavy selling and intense pressure, XRP has begun to show signs of recovery. At press time, the token managed to reclaim the $3 level, rebounding to $3.20. However, it still reflects a 3% decline over 24 hours. In contrast, Binance Coin (BNB) and Solana registered smaller daily losses of around 1.5%. Meanwhile, Ethereum and Bitcoin turned positive. ETH rose 2.5% to reach $3,700, while BTC edged up 0.61% to trade near $118,700.
Concerns Grow Over Centralized XRP Holdings
Larsen’s continued sales have reignited concerns over XRP’s centralization. Despite the recent transactions, wallets linked to Larsen still control over 2.81 billion XRP, valued at around $9 billion. Earlier this week, it was revealed that Larsen has sold 106 million XRP, worth more than $334 million, primarily through Coinbase, since January.
Although some investors express concern over the influence of large holders, many in the XRP community remain optimistic.
With the token now trading above $3 again, pro-XRP analysts suggest that a breakout toward the $4 mark is still possible. They downplay the impact of Larsen’s selling spree, emphasizing long-term growth potential instead.
